Turkey becomes major transit hub for energy
By Vusala Abbasova
Energy supplies transported from Central Asia, Russia, and the Middle East to Europe via Turkey are increasing, reported the U.S. Energy Information Administration (EIA).
Turkey, already a major transit hub for oil supplies, has become an essential route for the transport of gas supplies as well, reported the EIA.
Turkey, situated within the world's second largest gas market (Europe - Caspian basin - Middle East), plays a strategic role in the gas transit, due to its geographical location.
Turkey's own domestic oil reserves, located mostly in the southeastern region of the country, totals 296 million barrels as of January 1, 2015 according to the Oil & Gas Journal.
Despite this, oil production in Turkey remains lower than the volume of annual consumption.
Turkey's consumption of liquid hydrocarbons amounted to 712,000 barrels per day in 2014, more than 90 percent of which was met by virtue of imports. The EIA reports that the country imports liquid hydrocarbons mostly from Iraq and Iran.
The Oil and Gas Journal also reports that as of January 1, 2015, Turkey's natural gas reserves are at an estimated 218 billion cubic feet.
The recent Russia-Ukraine crisis illustrated the need to expand EU cooperation with Turkey to counter Russia's dominant position in the energy sector.
In order to achieve this, an agreement to set up a High Level Energy Dialogue mechanism for expanding cooperation in the energy sector has been signed between Turkey and EU, according to a Turkish-EU joint statement this March.
Turkey and the European Union will continue to support the Southern Gas Corridor project designed to bring Caspian gas to Europe.
TANAP is of vital importance not only for the EU and Turkey, but also for the realization of all Southern Gas Corridor project, read the statement.
Turkey’s integration into the EU's internal energy market will enable Turkey to build a functioning and reliable domestic energy market and the infrastructure needed for its rapid and sustainable economic growth.
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